Marine VFD Market by End User Type (Marine Ships, and Offshore Platforms), Application ( Pump, Propulsion, Fan, Compressor, Crane & Hoist, Winch, HVAC, Steering, Scrubber, Shaft Generator, Power Electronics), & Region - Global Forecast to 2030

Marine VFD Market by End User Type (Marine Ships, and Offshore Platforms), Application ( Pump, Propulsion, Fan, Compressor, Crane & Hoist, Winch, HVAC, Steering, Scrubber, Shaft Generator, Power Electronics), & Region - Global Forecast to 2030

The marine VFD market is estimated to grow from USD 1.1 Billion in 2023 to USD 1.6 Billion by 2030; it is expected to record a CAGR of 5.0% during the forecast period. The marine VFD market is witnessing rapid growth owing to the increasing demand for energy efficient solutions in marine industry.

“Medium Voltage: The fastest segment of the marine VFD market, by voltage”

Based on voltage, the marine VFD market has been split into two types: Low voltage and Medium voltage. The medium voltage is growing in the marine VFD market as it offers higher power capacity, making them suitable for larger vessels and demanding applications. With precise motor control, they optimize energy consumption, improve operational efficiency, and reduce maintenance costs. Additionally, medium voltage VFDs contribute to emissions reduction and compliance with environmental regulations, aligning with the maritime industry's sustainability goals.

“Pump segment is expected to emerge as the largest segment based on application”

Based on application, the marine VFD market has been segmented into pump, propulsion, fan, compressor, crane & hoist, winches, HVAC, steering, scrubber, shaft generators & power electronics. The pump segment is expected to be the largest segment owing to the ability control of pump motor speed, allowing ships to efficiently manage fluid transfer and optimize energy usage. This results in reduced fuel consumption, lower operating costs, and compliance with environmental regulations by minimizing emissions.

“Europe is expected to emerge as the second-largest region based on marine VFD market”

By region, the marine VFD market has been segmented into Asia Pacific, North America, South America, Europe, and Middle East & Africa. In the region, the marine VFD market is driven by green maritime initiatives to reduce emissions, making VFDs essential for energy-efficient ship operations. Stricter environmental regulations and sustainability goals are also driving the adoption of VFD technology. Additionally, advancements in VFD systems, along with strong government support, are promoting their use in various marine applications, such as propulsion, winches, and pumps, making Europe a prominent market for marine VFDs.

Retrofit is expected to be the second-fastest segment based on the type

Retrofit is expected to be the second-fastest segment in the marine VFD market between 2023–2030 due to their cost-effective, emission-reducing, and easy-to-install nature, making them a preferred choice for upgrading existing vessels. This drives their growing adoption in the Marine VFD market.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%

By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%

By Region: North America- 27%, Europe- 20%, Asia Pacific- 33%, the Middle East & Africa- 12%, and South America- 8%

Note: Others include product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The marine VFD market is dominated by a few major players that have a wide regional presence. The leading players in the marine VFD market are Siemens (Germany), ABB (Switzerland), Danfoss (Denmark), General Electric (US), and Rockwell Automation (US).

Research Coverage:

The report defines, describes, and forecasts the marine VFD market, by type, voltage, applications, end user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the marine VFD market.

Key Benefits of Buying the Report

Increased need for energy efficient systems and expansion of shipbuilding industry drive the demand. Factors such as high initial investment costs and dependance on heavy liquid fuels hinder market growth. Higher rate of adoption of electric and hybrid propulsion and remote monitoring offer lucrative opportunities in this market. Disarrangements in supply chain and marine port infrastructure summons are major challenges faced by countries in this market.

Product Development/ Innovation: The trends such as integration of digital technologies for remote monitoring and predictive maintenance, development of more compact and efficient VFD systems, and increased use of eco-friendly materials in VFD manufacturing have led to greater reliability.

Market Development: The global scenario of marine VFD has developed due to increased environmental regulations, the maritime industry's focus on energy efficiency, and advancements in VFD technology. VFDs help reduce emissions, enhance vessel performance, and comply with sustainability goals, driving their adoption and market growth worldwide.

Market Diversification: Ingeteam’s product INGEDRIVE LV800 offers up to a 35% increase in power density compared to the previous range, enhancing their versatility for various applications including marine propulsion, fan drives, pumping, and energy storage systems, with a capacity of up to 10.8MVA and an output voltage of 690V.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Siemens (Germany), ABB (Switzerland), Danfoss (Denmark), General Electric (US), and Rockwell Automation (US) among others in the marine VFD market.